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Claiming an Old Holiday Club Account
My elderly aunt has Alzheimer's. While going through her papers we found a "Holiday Club" passbook account from Nassau Federal Savings and Loan Association. The last entry date was in 1987 and it shows a balance of $800.
I called Carver Federal Savings who, according to the FDIC Bank find website, had taken over Nassau Fed S&L. When I called Carver, a gentleman told me he couldn't find anything under that account number.
Can you please tell me what I can do to find out what's going on with this account since I have the bank book and it has a balance on it. If she had closed it, wouldn't the last notations be $0 and a cancel stamped on the book?
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 It is not surprising that the Carver representative could not find any record of the account. One of two things would have happened to it.
You described the account as a "Holiday Club" account. It was common in the 1980s for regular deposits to be made in such accounts, with a scheduled payout in November or December - you may be more familiar with the term "Christmas Club Account". The passbooks were simply records of one's progress toward the year-end goal of having some holiday money set aside. In such cases, no closing withdrawal notation would be made in the passbook. If this took place back in 1987, it would not be unusual for the bank, especially a successor bank, to not to have a record of the account or the payout.
The other possibility is that the funds were not paid out to your aunt, but later, when the account had gone dormant, the bank was not able to reach your aunt. That may have caused the bank to surrender the account to the state as abandoned property under state law. In many such cases, a search of the state's abandoned property records can result in recovery of the funds.
If you want to pursue the second possibility, start with the website www.missingmoney.com. It's a free resource and it can help you with the search.
Published on BankingQuestions.com 1/08/09
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